Australian Index False Breakout

Long German Stock index above 12416.0 towards 13000.0

Australian Index False Breakout

Technical Observation

The German Stock Index is still struggling to hit the daily support line 12416.0. During this week, I expect a decline towards 12416 from where I've placed a pending buy limit order with my Stop loss below the recently lowest low 12209.0 and TP at 15000. The previous week's candle is an indecision candle which could mean lack of decision to continue both ways. That said, I expect consolidations above 12416 until a clear bullish candle shows up or if the line 12416.0 is clearly breached to the lower side with a big red candle.
Technical levels:

Resistance levels

R1: 12416.1
R2: 10775.2

Support Levels

S1: 8970.1
S2: 5810.2

Trade Signal

Flat

Short Silver towards 16.8

Australian Index False Breakout

Technical Observation

For the past two weeks, Silver has declined in price despite our expectations to rise towards 18.61. This week, I expect further decline towards the short term support line 16.81 and a possible breakout to the lower side. If this should be the case, then I'll wait for a pullback to the just broken line to continue short towards 14.40.  Alternative, If price should rise, then 18.61 will be the place to place a pending sell limit order. 

Technical levels:

Resistance levels
R1: 22.01
R2: 24.84
Support Levels
S1: 16.01
S2: 14.40

Trade Signal
Short Silver towards 16.81
Short  ASX towards 5692.5
Australian Index False Breakout
Technical Observation
Recently, false breakout was seen when the Australian index broke out below  5692.5 but failed to sustain this breakout. Instead, this index rose above 5692.5 and towards a major resistance trend line. Unless there's a clear bullish breach above this trend line, I still  expect a possible rejection from this trend line to short this index towards 5692.5. A break below this support will lead to further downward movements probably towards 5374.3. Alternatively, conservative traders should wait for a clear breakout below 5692.3 to short ASX towards 5374.

Technical levels:

Resistance levels
R1: 6001.1
R2: 5496.2

Support Levels
S2: 5692.3.
S3: 5374.3
Trade Signal
 
Short ASX towards 5692.3. A breakout below this support line will push the price further towards 5374.0

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Imelda Maseno
Analyst of «FreshForex» company
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